The detainee is Oleksandr Bohuslaiev, son of Viacheslav Bohuslaiev, the former president of Motor Sich, a Ukrainian manufacturer of aircraft engines among other products. He is suspected of embezzling millions of euros from the company. He is alleged to have used these funds to buy luxury real estate in Monaco and on the French Riviera.
Oleksandr Bohuslaiev is currently being held in Monaco pending a possible extradition request. His father has been in custody in Ukraine since 2022 on suspicion of collaborating with Russia.
According to the Ukrainian security service (SBU) and the French public prosecutor’s office, about 57 million euros in assets have been frozen. The investigation led to the seizure of real estate and bank accounts in France and Monaco. Raids have also been carried out at multiple locations, including in Ukraine.
The alleged fraud occurred through accounting manipulations within Motor Sich. This included the use of undervalued shares and abuses of power by executives.
The sale of shares, according to investigators, was conducted at artificially low prices, causing substantial damage to the company. The profits from these transactions were then funneled through foreign accounts and invested in real estate in Western Europe.
The criminal investigation was made possible through cooperation between Eurojust, Ukrainian authorities, and the French National Financial Prosecutor’s Office (PNF). This international coordination enabled tracing of money flows across several jurisdictions.
Eurojust reports that profits from illegal arms sales through Motor Sich may also have been laundered. Authorities suspect that the proceeds from these transactions are part of the capital invested in luxury properties, although this aspect of the investigation is still ongoing.